MarketFriction

Black Box Ltd

NSE BBOX · BSE 500463 · IT Enabled Services
₹795.85 -1.11%
NSE close2026-10-01
52 week range444.30 - 1,103.00
Market cap₹14,435 Cr.
P/E50.5
Nifty 500Smallcap 250 Price band 10% Delivery 33.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,5741,6551,4801,4231,4971,5021,5451,3871,5851,6601,6911,718
Expenses1,4761,5411,3551,3091,3651,3681,4021,2711,4421,5131,5271,559
Operating Profit99114125115133134143116143147164160
OPM %6%7%8%8%9%9%9%8%9%9%10%9%
Other Income-52-8-14-17-12-10-11-13-21-12-15
Interest323640343231473439404548
Depreciation292829262831282729303136
Profit before tax335247405559584561577661
Tax %4%21%13%8%6%5%-5%-5%9%12%15%9%
Net Profit324141375156604756506556
EPS in Rs1.902.432.432.213.043.313.572.793.272.923.653.15
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8817807331,8534,9944,6745,3706,2886,2825,9676,3226,654
Expenses8767477001,8064,6664,3105,1126,0145,8555,4295,7656,040
Operating Profit6323347328364258273426538557614
OPM %0.7%4.2%4.5%2.5%7%8%4.8%4.3%7%9%9%9%
Other Income71319-67-178-750-25-14-68-44-61
Interest272625451329874111141145158172
Depreciation87815929699107114113116125
Profit before tax-221319-79-73968629156212239255
Tax %55%18%22%-1%10%19%15%20%12%3%9%
Net Profit-351015-79-80787324138205218226
EPS in Rs-2.430.731.05-5.30-5.384.804.431.418.1912.0912.2512.99
Dividend Payout %0%0%0%0%0%0%0%0%0%8%8%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth22%6%0%12%
Compounded Profit Growth25%13%80%4%
Stock Price CAGR49%32%64%58%
Return on Equity%32%35%26%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital282828283030333334343436
Reserves58254147-11-2061742282624477251,251
Borrowings1611771731588085963284816287129421,153
Other Liabilities3853933463461,6051,8861,7681,9112,0781,6071,3711,854
Total Liabilities6336235895802,4322,3062,3032,6523,0022,8003,0724,294
Fixed Assets90109111114399557622732794808769883
CWIP000000002000
Investments000000003032330
Other Assets5435144784672,0321,7491,6811,9202,1751,9602,2713,410
Total Assets6336235895802,4322,3062,3032,6523,0022,8003,0724,294
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2829452-721,1373039513129-8884
Cash from Investing Activity77-21-4-5-360-38215-108-5640-10533
Cash from Financing Activity-100-10-11-54629-645-277-43-58-155192197
Net Cash Flow5-2-10-719711041-55-10214-0314
Free Cash Flow2420-541-3651,0812854532134-12912
CFO/OP109%629%31%126%-98%354%69%45%5%25%-16%20%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days101909710417026192524223567
Inventory Days252324478833354765504253
Days Payable187184187209324133122210208146110129
Cash Conversion Cycle-60-71-66-59-65-73-68-137-118-74-34-10
Working Capital Days-40-61-61-29-5-59-43-29-1323354
ROCE %4%1%12%13%7%39%58%26%20%31%30%22%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters71.14%71.14%71.09%71.06%71.06%70.60%70.53%70.35%70.24%70.11%69.99%69.95%
FIIs4.92%4.83%4.81%4.71%3.38%4.33%4.70%4.09%4.22%3.43%3.26%4.69%
DIIs0.01%0.01%0.01%0.01%0.02%0.02%0.03%0.03%0.04%2.46%2.99%3.41%
Government0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.12%0.12%
Public23.80%23.90%23.97%24.09%25.41%24.91%24.61%25.42%25.36%23.85%23.62%21.82%
No. of Shareholders16,84716,39416,64726,20655,99760,19864,21078,70988,06581,63973,63872,559

Fundamentals

Market Cap₹ 14,435 Cr.
Current Price₹ 813
Stock P/E50.5
Book Value₹ 72.5
ROCE21.6 %
ROE25.7 %
Dividend Yield0.12 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)4%
Consolidated figures.
Valuation
Market capRs 14,126 Cr
Enterprise valueRs 14,739 Cr
P/E (TTM)62.50x
Price to book10.98x
Price to sales2.12x
EV / EBITDA26.68x
EV / EBIT34.51x
EV / sales2.22x
Price to cash flow168.27x
Earnings yield1.60%
Dividend yield0.13%
P/E, 3-year average31.25x
P/B, 3-year average7.36x
P/E, 5-year average38.78x
P/B, 5-year average7.37x
Profitability
Operating margin (excl. other income)8.81%
Operating margin (incl. other income)8.12%
EBITDA margin8.30%
Pre-tax margin3.83%
Net profit margin3.40%
Net margin, latest quarter3.25%
ROE21.27%
ROCE19.16%
ROA5.91%
ROE, 3-year average29.91%
ROCE, 3-year average23.97%
ROA, 3-year average5.88%
ROE, 5-year average25.88%
ROCE, 5-year average22.77%
ROA, 5-year average4.28%
ROIC (approx.)20.45%
Tax rate9.04%
Other income / net worth-3.38%
Growth
Sales growth (latest year)5.95%
Profit growth (latest year)6.22%
Sales CAGR, 3 years0.18%
Sales CAGR, 5 years6.23%
Profit CAGR, 3 years109.37%
Profit CAGR, 5 years22.74%
Sales growth QoQ1.63%
Profit growth QoQ-13.65%
Sales growth YoY (latest quarter)23.92%
Profit growth YoY (latest quarter)17.90%
Per share
EPS (TTM)Rs 12.73
EPS (latest year)Rs 12.26
EPS (latest quarter)Rs 3.15
EPS, 3-year averageRs 10.85
EPS, 5-year averageRs 7.68
Book value per shareRs 72.50
Sales per shareRs 374.86
Cash flow per shareRs 4.73
Free cash flow per shareRs 0.68
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 1.00
Dividend per share, 5-year averageRs 1.00
Dividends
Dividend payout8.16%
Dividend payout, 3-year average8.22%
Dividend payout, 5-year average8.22%
Efficiency
Asset turnover1.47x
Fixed asset turnover7.16x
Inventory turnover9.46x
Inventory days39 days
Debtor days67 days
Debtors turnover5.48x
Creditor days129 days
Cash conversion cycle-10 days
Working capital days54 days
Leverage
Total debtRs 1,153 Cr
Cash and bankRs 540 Cr
Net debtRs 613 Cr
Debt to equity0.90x
Net debt / EBITDA1.11x
Interest coverage2.48x
Current ratio (filing 2026-03-31)1.83x
Quick ratio (filing 2026-03-31)1.65x
Trade payables (filing 2026-03-31)Rs 790 Cr
Owners' fund to total sources29.97%
Debt to assets26.85%
Cash flow
Cash from Operating Activity (latest year)Rs 84 Cr
Cash from Investing Activity (latest year)Rs 33 Cr
Cash from Financing Activity (latest year)Rs 197 Cr
Net Cash Flow (latest year)Rs 314 Cr
Free cash flow (latest year)Rs 12 Cr
FCFE (approx.: FCF + change in debt)Rs 223 Cr
Cash from ops / profit, 5 years0.35x
Sales to cash flow75.30x
Statement figures
Net sales (TTM)Rs 6,654 Cr
Net sales (latest year)Rs 6,322 Cr
Sales (latest quarter)Rs 1,718 Cr
Operating profit excl. other income (latest year)Rs 557 Cr
Operating profit (latest quarter)Rs 160 Cr
Other income (TTM)Rs -61 Cr
EBITDA (TTM)Rs 553 Cr
PBDT (TTM)Rs 380 Cr
Profit before tax (TTM)Rs 255 Cr
Tax (latest year)Rs 22 Cr
Net profit (TTM)Rs 226 Cr
Net profit (latest year)Rs 218 Cr
Net profit (latest quarter)Rs 56 Cr
Depreciation (TTM)Rs 125 Cr
Depreciation (latest quarter)Rs 36 Cr
Interest (TTM)Rs 172 Cr
Cost of goods sold (latest year)Rs 3,054 Cr
Total expenditure (latest year)Rs 5,765 Cr
Total income (latest year)Rs 6,278 Cr
Share capitalRs 36 Cr
ReservesRs 1,251 Cr
Shareholders' fundsRs 1,287 Cr
Total assetsRs 4,294 Cr
Net blockRs 883 Cr
ReceivablesRs 1,153 Cr
InventoryRs 323 Cr
Other liabilitiesRs 1,854 Cr
Shares outstanding (crore)17.75
Ownership
Promoter holding69.95% (-0.40 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 62.5 is at the 74th percentile of its own 7.4-year range (median 41.9, low 14.8, high 218.1).
P/B 10.98 is at the 41th percentile (median 12.48).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBBOXNifty 50Difference
1 week+0.1%-2.8% +2.8 pts
1 month+10.5%-6.8% +17.3 pts
3 months-20.0%-7.6% -12.4 pts
6 months+78.0%+0.4% +77.6 pts
1 year+65.0%-9.9% +74.9 pts
2 years+52.4%-13.6% +66.0 pts
3 years+330.7%+14.2% +316.5 pts
5 years+289.7%+27.9% +261.8 pts
17 mutual fund schemes hold about ₹421 Cr. Over three months 2 bought more and 12 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Quant Small Cap Fund0.67%239 -9%
Quant Multi Asset Allocation Fund1.62%106 -10%
Quant Quantamental Fund1.69%28 -0%
Quant Teck Fund6.48%17 -6%
Quant ESG Integration Strategy Fund3.64%12 -9%
Samco Active Momentum Fund1.26%10 +100%
Motilal Oswal Nifty Microcap 250 Index Fund0.33%8 -8%
Samco Multi Cap Fund0.47%1 +494%
Samco Small Cap Fund0.37%1 -43%
Groww Nifty Total Market Index Fund0.01%0 -6%
Angel One Nifty Total Market Index Fund0.01%0 -6%
Mirae Asset Nifty Total Market Index Fund0.01%0 -1%
Bandhan Nifty Total Market Index Fund0.01%0 -6%
Motilal Oswal BSE 1000 Index Fund0.01%0 -1%
Union Active Momentum Fund0.00%0 -100%
Helios Mid Cap Fund0.00%0 -100%
Helios Small Cap Fund0.00%0 -100%

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was 22% of net profit over the last 3 years
explainReceivables outrunning sales Receivables grew 103% vs sales +6% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,718 Cr +23.9% vs Jun 2025. Net profit ₹56 Cr +19.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-28Dividend - Re 1 Per Share
2025-08-29Dividend - Re 1 Per Share
2024-09-17Annual General Meeting
2024-08-22Extra Ordinary General Meeting
2023-09-18Annual General Meeting
2023-07-18Extra-Ordinary General Meeting
2022-09-16Annual General Meeting
2022-05-13Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2021-10-18 Annual General Meeting
2020-11-10 Annual General Meeting
2019-09-18 Annual General Meeting
2018-07-24 Annual General Meeting
2017-09-14 Annual General Meteing
2016-09-20 Annual General Meeting
2015-07-29Annual General Meeting
2014-07-30Annual General Meeting
2013-08-19Annual General Meeting
2012-12-19Bonus 1:10.5000
2012-07-16Annual General Meeting/Dividend Rs 15 Per Share
2011-07-08Annual General Meeting And Dividend Rs.2.25 Per Share
2010-11-29Annual General Meeting And Dividend Rs.4.50 Per Share
2010-01-04Agm/Div-Rs.3.50 Per Share
2009-01-02Agm/Dividend - 35%
2007-12-26Agm/Fin Div-Rs6.75 Per Sh
2006-07-05Agm/Div-Rs.4.50/- Per Sh
DateTypeWhat it says
2026-09-22Concall / analyst meetSchedule of meet
2026-09-16Shareholder meetingVoting results.
2026-09-16Shareholder meetingProceedings of Annual General Meeting held on September 16, 2026
2026-09-16Concall / analyst meetSchedule of meet
2026-09-10Concall / analyst meetSchedule of meet
2026-09-04UpdatesFinancial Results Q1FY27 in Machine Readable Form.
2026-08-24Shareholder meetingNotice of Annual General Meeting to be held on September 16, 2026
2026-08-20Concall / analyst meetTranscript
2026-08-13Monitoring Agency ReportPlease find enclosed herewith Monitoring Agency Report for the quarter ended June 30, 2026
2026-08-13Concall / analyst meetLink of Recording
2026-08-12Investor PresentationInvestor Presentation
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Press Release on Data Centre Order from New Tier-1 U.S. Hyperscaler".
2026-08-12General UpdatesRevision in Company s Code of Conduct for Prevention of Insider Trading and Fair disclosure of Unpublished Price Sensitive Information
2026-08-12General UpdatesBlack Box Limited has informed about revision in Company s Code of Conduct for Prevention of Insider Trading and Fair disclosure of Unpublished Price...
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Unaudited Financial Results Q1FY27".
2026-08-12Record DateRecord date for the purpose of Dividend is 28-Aug-2026.
2026-08-12Shareholder meetingNotice of Annual General Meeting to be held on September 16, 2026
2026-08-12Board meeting outcomeBlack Box Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-06Concall / analyst meetSchedule of meet
2026-07-09ResignationResignation of Director/KMP/SMP
2026-07-09ResignationResignation of Director/KMP/SMP
2026-07-06Change in ManagementRevision of disclosure for cessation of Senior Management Personnel
2026-07-04Change in ManagementCessation of Senior Management Personnel
2026-06-24Concall / analyst meetSchedule of meet
2026-06-19Shareholder meetingVoting results.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-09NCLATAGC Networks Ltd VS Reliance Capital Ltd & Ors
2021-03-08NCLATAGC Networks Ltd VS Reliance Capital Ltd & Ors
2020-11-06NCLTAgc Networks Ltd Vs Reliance Capital Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
High low price variation greater than 100perc in previous 6 monthsScrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Black Box Ltd?

Black Box Ltd (BBOX) has a market capitalisation of Rs 14,435 Cr. at the 2026-10-01 close.

What is the P/E ratio of Black Box Ltd?

Black Box Ltd trades at a P/E of 50.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Black Box Ltd's latest quarterly results?

In the Jun 2026 quarter, Black Box Ltd sales was Rs 1,718 Cr (+23.9% vs Jun 2025) and net profit was Rs 56 Cr.

What is the 52-week high and low of Black Box Ltd?

The 52-week high is Rs 1,103.00 and the 52-week low is Rs 444.30.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03